Photronics (PLAB) 8-K Photronics Reports Third Quarter Fiscal 2024 Results

Exhibit 99.2

PHOTRONICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended							Nine Months Ended
	July 28, 2024		April 28, 2024		July 30, 2023			July 28, 2024		July 30, 2023
Revenue	$	210,984	$	217,000	$	224,206		$	644,318	$	664,603
Cost of goods sold		135,846		137,749		137,405			410,674		413,323
Gross Profit		75,138		79,251		86,801			233,644		251,280
Operating Expenses:
Selling, general and administrative		19,436		18,996		18,032			56,753		52,728
Research and development		3,555		4,292		3,505			11,291		10,287
Total Operating Expenses		22,991		23,288		21,537			68,044		63,015
Other operating gain		1		89		-			90		-
Operating Income		52,148		56,052		65,264			165,690		188,265
Non-operating (loss) income, net		10,145		20,534		(911	)		26,931		(1,764	)
Income Before Income Tax Provision		62,293		76,586		64,353			192,621		186,501
Income tax provision		14,124		20,214		16,098			48,998		50,023
Net Income		48,169		56,372		48,255			143,623		136,478
Net income attributable to noncontrolling interests		13,781		20,121		21,296			46,804		55,604
Net income attributable to Photronics, Inc. shareholders	$	34,388	$	36,251	$	26,959		$	96,819	$	80,874
Earnings per share:
Basic	$	0.56	$	0.59	$	0.44		$	1.57	$	1.32
Diluted	$	0.55	$	0.58	$	0.44		$	1.55	$	1.31
Weighted-average number of common shares outstanding:
Basic		61,815		61,771		61,233			61,681		61,089
Diluted		62,414		62,409		61,974			62,369		61,650